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Friday, November 11, 2016

Malaysia denies freeze in foreign exchange trading of ringgit

KUALA LUMPUR - Malaysia's central bank has denied any freeze in foreign exchange trading of the ringgit, state news agency Bernama reported on Friday (Nov 11).Bank Negara Malaysia will issue a statement to this effect at 2pm local time (0600 GMT), Bernama said, citing a central bank spokesperson.

The ringgit plunged to its weakest in more than 12 years in offshore markets on Friday as investors dumped government bonds, while the spot rate barely moved as the central bank kept a tight grip on the onshore market.

In the third quarter of this year, Malaysia's currency depreciated 3 per cent against the US dollar. It is expected to continue to suffer in the wake of the US elections.